The caption of the video, simply: "Race week era." is rumoured to be a reference to Swift’s current Eras Tour, and the use of the song “Karma” may, or may not be a coincidental reference to the well known radio message to his Renault teammate Jolyon Palmer, after his italian Grand Prix retirement in 2017.
The rumours began as a result of an anonymous confession to the DeuxMoi Instagram account, reading: “A couple of Spanish magazines have been posting about TS [Swift] and Spanish F1 driver Fernando Alonso. According to them, the couple has been seeing each other for a week now. Nothing serious tho since they are both recently single.”
This of course stirred up a storm on Twitter, with rumours snowballing due to a selection of coincidences, one of these being both Alonso and Swift splitting from their long term partners around the same time, as well as Alonso's self description in Netflix’s Drive to Survive as Formula 1’s “anti-hero,” also one of Taylor Swift’s newest singles.
While it is likely all made up, the whole ordeal has been highly amusing to fans who continue to take great pleasure in spurring on the rumours and encouraging everyone to get involved.